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27. Taxation
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
Major components of the taxation expense
Current taxation – current year
12 353
1 896
Current taxation – prior year
33
86
62
Deferred taxation – current year
6 637
17 725
6 637
17 885
Deferred taxation – prior year
(1 988)
(1 988)
Taxation for the year
19 023
17 719
6 637
15 959
Reconciliation of taxation charge
Net income before taxation at 28%
1 063 608
552 807
1 075 962
509 612
REIT dividend
(369 493)
(369 493)
Permanent differences
(675 445)
(562 173)
(705 134)
(514 721)
Prior year taxation adjustment
Income taxation
33
86
62
Deferred taxation
(1 988)
(1 988)
Reversal of deferred taxation on investment property disposals
(9 082)
(9 082)
Deferred taxation asset not recognised
14 384
30 166
19 280
Adjustment in respect of Hyprop Mauritius
(4 982)
(4 893)
REIT reversal
3 714
3 714
Controlled foreign company income
14 384
Taxation expense recognised in statements of comprehensive
income
19 023
17 719
6 637
15 959
The taxation rate applied in the reconciliations was 28%.
Permanent differences comprise the following:
Change in fair value of:
Investment property
(673 968)
(463 651)
(673 968)
(439 226)
Straight-line rental income accrual
(16 824)
(12 616)
(16 824)
(12 616)
Derivative instruments
(5 476)
(1 197)
(9 981)
(1 762)
Profit on disposal of assets
(6 788)
(53 413)
(6 788)
(54 524)
Gain on bargain purchase
(28 810)
African Land restructure
24 119
Other
3 492
(2 486)
2 427
(6 593)
Total permanent differences
(675 445)
(562 173)
(705 134)
(514 721)
131
Hyprop Investments Limited
Integrated Report 2015